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Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
විදසුන්
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
විදසුන්
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
විදසුන්
Tax revenue misses IMF target in 1st quarter!
According to the 2022 Annual Report from the Ministry of Finance, tax revenue for the first quarter of 2023 experienced a surge of 56%, amounting to LKR 578 billion. This was a increase from the LKR 370 billion collected during the same period in 2022. Despite this growth, the Q1 2023 tax revenue collection fell short of the target set in agreement with the International Monetary Fund (IMF), which was LKR 650 billion, by 11%. Moreover, the tax-to-GDP ratio for the first quarter of 2023 was reported to be 7.9%. This is lower than the annual target of 9.7% agreed upon with the IMF, indicating a gap of 1.8 percentage points that needs to be bridged in order to meet the target agreed upon with the IMF for the year.
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Gross official reserves increases to USD 5 Bn
By March 2024, Sri Lanka's Gross Official Reserves surged to US$5.0 billion, propelled by significant domestic market foreign exchange acquisitions, with a net intervention totaling US$715 million for the month.
2024-05-02
Daily News
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නාගරික සංවර්ධනය සහ නිවාස
Sri Lanka would be able to use new IMF funding for budget: CB Governor
Sri Lanka would be allowed to use funds from the next International Monetary Fund for budget finance, and not only to boost foreign reserves, Central Bank Governor Nandalal Weerasinghe said. Sri Lanka has gone to the IMF 16 times in the past...
2022-09-08
Economy Next
වැඩිදුර කියවන්න
IMF agreement signals sharp change in policy settings – Fitch
The IMF staff-level agreement with Sri Lanka on a USD 2.9 billion programme, confirmed on 1 September, appears to signal a sharp change in policy settings in order to achieve macroeconomic stability, including through large fiscal adjustment...
2022-09-05
Ceylon Today
වැඩිදුර කියවන්න
Sri Lanka and IMF reach deal for US$2.9bn program
The International Monetary Fund said it had reached a deal with Sri Lanka for a 4-year 2.9 billion US dollar extended fund facility subject to debt restructuring and prior actions. Under the program the budget will have to generate a primary...
2022-09-01
Economy Next
වැඩිදුර කියවන්න
Sri Lanka gets US$200mn from ADB for income support, farming
The Asian Development Bank said it had approved 200 million US dollars in emergency credits for Sri Lanka by re-purposing existing loans which will be used for farming, and income support for the poor and vulnerable, especially women and chi...
2022-08-31
Economy Next
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